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Minimum Hours Constraints and Retirement Behavior

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  • Alan L. Gustman
  • Thomas L. Steinmeier

Abstract

This paper presents statistics which confirm the existence of minimum hours constraints for jobs held by a majority of prime aged male workers who are not self employed. It then considers the implications of these constraints for studies of retirement behavior and related policy analyses. Potential biases associated with conventional analyses, which either ignore the existence of minimum hours constraints or assume they are pervasive, are discussed in the context of structural life cycle retirement models. A more realistic but still imperfect specification, which can be estimated given available data, assumes minimum hours constraints on the main job and variable hours elsewhere.

Suggested Citation

  • Alan L. Gustman & Thomas L. Steinmeier, 1982. "Minimum Hours Constraints and Retirement Behavior," NBER Working Papers 0940, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:0940
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    References listed on IDEAS

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    1. Boskin, Michael J. & Hurd, Michael D., 1978. "The effect of social security on early retirement," Journal of Public Economics, Elsevier, vol. 10(3), pages 361-377, December.
    2. Deardorff, Alan V & Stafford, Frank P, 1976. "Compensation of Cooperating Factors," Econometrica, Econometric Society, vol. 44(4), pages 671-684, July.
    3. Roger H. Gordon & Alan S. Blinder, 1980. "Market wages, reservation wages, and retirement decisions," NBER Chapters,in: Econometric Studies in Public Finance, pages 277-308 National Bureau of Economic Research, Inc.
    4. Olivia S. Mitchell & Gary S. Fields, 1981. "The Effects of Pensions and Earnings on Retirement: A Review Essay," NBER Working Papers 0772, National Bureau of Economic Research, Inc.
    5. Alan L. Gustman & Thomas L. Steinmeier, 1984. "Partial Retirement and the Analysis of Retirement Behavior," ILR Review, Cornell University, ILR School, vol. 37(3), pages 403-415, April.
    6. Anthony J. Pellechio, 1981. "Social Security and the Decision to Retire," NBER Working Papers 0734, National Bureau of Economic Research, Inc.
    7. John B. Burbidge & A. Leslie Robb, 1980. "Pensions and Retirement Behaviour," Canadian Journal of Economics, Canadian Economics Association, vol. 13(3), pages 421-437, August.
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    Citations

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    Cited by:

    1. Alan L. Gustman & Thomas L. Steinmeier, 1994. "Retirement in a Family Context: A Structural Model for Husbands and Wives," NBER Working Papers 4629, National Bureau of Economic Research, Inc.
    2. Joseph G. Altonji & Emiko Usui, 2007. "Work Hours, Wages, and Vacation Leave," ILR Review, Cornell University, ILR School, vol. 60(3), pages 408-428, April.
    3. Paxson, Christina H & Sicherman, Nachum, 1996. "The Dynamics of Dual Job Holding and Job Mobility," Journal of Labor Economics, University of Chicago Press, vol. 14(3), pages 357-393, July.
    4. Alan L. Gustman & Thomas L. Steinmeier, 2004. "How to Evaluate the Effects of Social Security Policies on Retirement and Saving When Firm Policies Affect the Opportunities Facing Older Individuals," Working Papers wp078, University of Michigan, Michigan Retirement Research Center.
    5. Joseph G. Altonji & Christina H. Paxson, 1992. "Labor Supply, Hours Constraints, and Job Mobility," Journal of Human Resources, University of Wisconsin Press, vol. 27(2), pages 256-278.
    6. Alan L. Gustman & F. Thomas Juster, 1995. "Income and Wealth of Older American Households: Modeling Issues for Public Policy Analysis," NBER Working Papers 4996, National Bureau of Economic Research, Inc.
    7. Alan L. Gustman & Thomas L. Steinmeier, 2004. "Understanding Patterns of Social Security Benefit Receipt, Pensions Incomes, Retirement and Saving by Race, Ethnicity, Gender and Marital Status: A Structural Approach," Working Papers wp082, University of Michigan, Michigan Retirement Research Center.
    8. Alan L. Gustman & Thomas L. Steinmeier, 2004. "Minimum Hours Constraints, Job Requirements and Retirement," NBER Working Papers 10876, National Bureau of Economic Research, Inc.
    9. Hutchens, Robert M. & Grace-Martin, Karen, 2004. "Who Among White Collar Workers Has an Opportunity for Phased Retirement? Establishment Characteristics," IZA Discussion Papers 1155, Institute for the Study of Labor (IZA).
    10. Alan L. Gustman & Thomas L. Steinmeier, 2008. "Projecting behavioral responses to the next generation of retirement policies," Research in Labor Economics,in: Work, Earnings and Other Aspects of the Employment Relation, volume 28, pages 141-195 Emerald Publishing Ltd.
    11. Nicole Maestas & Xiaoyan Li, 2007. "Burnout and the Retirement Decision," Working Papers wp166, University of Michigan, Michigan Retirement Research Center.
    12. Hutchens, Robert, 2010. "Worker characteristics, job characteristics, and opportunities for phased retirement," Labour Economics, Elsevier, vol. 17(6), pages 1010-1021, December.
    13. David S. Loughran & Steven Haider, 2007. "Do the Elderly Respond to Taxes on Earnings? Evidence from the Social Security Retirement Earnings Test," Working Papers 223-1, RAND Corporation.

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